European stocks rise on oil, metals and pharmaceuticals (Reuters) (23-04-2008)

LONDON, April 23 (Reuters) - European shares were in positive territory from early on in Wednesday’s trading, as UCB gained on a key regulatory approval, while strong oil and metal prices lifted commodity stocks and acquisition talk boosted telecoms.

At 0802 GMT, the FTSEurofirst 300 index of top European shares was up 0.5 percent at 1,310.55 points.

UCB topped the leader board, soaring 26 percent after its Cimzia drug for bowel disorder Crohn's disease won U.S. regulatory approval about a year earlier than envisaged.

Miners and energy stocks were the top weighted gainers on the index, as crude prices stayed around $118 a barrel and copper ticked up.

Telecoms group KPN rose 2.9 percent on a newspaper report that Spanish rival Telefonica was planning a bid for it. Telefonica declined to comment, apart from saying that its priority was to cut debt and raise its dividend.

More market chatter favored chipmaker Infineon, which jumped 5.5 percent. It too declined to comment.

Britain's FTSE 100 rose 0.4 percent, while Germany's DAX gained 0.5 percent and France's CAC rose 0.8 percent.

Financials were out of favor today as a revamp was called for at Swiss bank UBS, and a record rights issue at Royal Bank of Scotland. Both stocks stayed in focus ahead of shareholder meetings later in the day. RBS was down 2.9 percent and UBS down 0.3 percent.

SourceReuters